Here's how much a $150,000 home equity loan costs per month now that the Fed cut rates

Homeowners should carefully calculate their potential home equity loan costs before submitting an application. Getty Images/iStockphoto

Borrowing a six-figure sum of money comes with multiple considerations. And, if you elect to do so by withdrawing from your accumulated home equity , you'll need to be extra careful to avoid the risk of foreclosure in the event you're unable to repay it all. At the same time, your home equity is now an affordable and plentiful funding source, so if you get the calculations right, this could be one of your better ways to borrow a large amount, like $150,000.

Right now could be one of those times, too, especially after the Federal Reserve issued an interest rate cut earlier in September. While home equity loan rates are driven by more